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Saw this coming. However usually this off season the Patriots make moves in 2s. They don't free up money unless they intend to use it. I wonder if this is just a response to signing Chung or if it is a move to free up money as Chung is a cap neutural signing as far as I can tell.
If so it makes me wonder who they can be thinking of picking up.
Based on the media reports it appeared he took a physical on reporting to the offseason program and apparently did not pass. It would not be shocking if this was the fate of a few others but this seems more to do with his health than wanting the money. If it was only money related they would not have waited until now (unless maybe there is a bookeeping reason for when you release an injured palyer).